Amorepacific Conducts R&D Innovation Challenge

[Asia Economy Reporter Yujin Cho] On the 25th, Amorepacific, together with the Korea International Trade Association, has finally selected three startups as priority partners for joint research and product development through the two-month-long ‘Amorepacific Research & Development (R&D) Innovation Challenge.’

The Amorepacific R&D Innovation Challenge utilized the Korea International Trade Association’s open innovation platform, InnovBranch. This platform involves over 50 major domestic and international companies and more than 8,500 domestic and international startups. When companies interested in collaborating with startups possessing innovative technologies announce their areas of interest, startups apply, and through document screening and online/offline meetings, priority partners are selected.

In April of this year, Amorepacific announced a call for startups with innovative technologies in five fields: materials (natural materials, eco-friendly raw materials, etc.), sustainable packaging (biodegradable, etc.), bio (microbiome, genetic analysis, etc.), digital (wearables, augmented reality, etc.), and devices (massagers, patches, etc.). A total of 126 domestic and international startups applied, and after document screening and orientation, final one-on-one meetings were held on the 18th with seven startups.

Through this process, three companies were finally selected as priority partners for the Amorepacific R&D Innovation Challenge: ‘Simplex,’ which possesses efficacy substance discovery technology using artificial intelligence (AI); ‘Piquant,’ which has cosmetic ingredient detection and analysis technology using spectroscopy; and ‘Bareun,’ which specializes in edible oral care natural materials and formulation technology. Amorepacific plans to continue discussions on specific cooperation plans such as technology licensing, joint research, and joint development of innovative products with the startups selected as priority partners.

Park Young-ho, head of Amorepacific Technical Research Institute, said in his evaluation, “I consider this event very meaningful as it provides an opportunity to contemplate future beauty trends with excellent tech startups and deliver more innovative products to customers.” He added, “Through expanding open innovation collaboration opportunities, Amorepacific will continue to make every effort to grow together with startup companies as a member of a healthy corporate ecosystem.”

This content was produced with the assistance of AI translation services.